If my wife files bankruptcy before the divorce, will she receive more money in the settlement?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my wife files bankruptcy before the divorce, will she receive more money in the settlement?
Asked on May 15, 2011 under Family Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, a bankruptchy will have no direct effect on the distribution of assets and/or support she will get from either a divorce decree or order (if adjudicated by the court) or a settlement. That's because bankrutpcy ONLY affect debts owed by the person filing--not the money owed to him or her by others, such as by a spouse in a divorce. Furthermore, certain kinds of support obligations (e.g. child support) are not dischargeable in bankruptcy, so even if your wife would be paying you (rather than the other way around), it is unlikely the bankruptcy would have any significant impact.
Where there can be an indirect impact is this: the bankruptcy will discharge certain debts. IF as part of the settlement, you would have agreed to take over or pay certain debts for her, if those debts were already eliminated, that would be to your benefit. In addition, in caculating how much money your wife may need for support, a lower level of debt *may* mean that she needs less support.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.